China HongX 050808

China Hongxing went on a roller-coaster ride today - not only breaking 2 crucial supports (0.485 & 0.475), and testing the uptrend support (low blue) as well as the long term downtrend support (low grey). We then saw China Hongxing staging an equally dramatic recovery to close above the supports again.

Also important to note is that China Hongxing still could not break the 0.495 resistance (pink ...), which is also the long term downtrend resistance (upp grey).

We could be seeing China Hongxing attempting to break the 0.495 resistance again tomorrow. If it still doesn't break it, we could see China Hongxing repeating todays trading pattern. But this time, there may not be such a strong recovery later in the day.



For tomorrow :

Support @ 0.485 (lightblue ...), 0.478 (low blue), 0.475 (red --), 0.460 (low grey, green --), 0.450 (blue ...), 0.440 (blue --)

Resistance @ 0.495 (upp grey, pink ...), 0.5075 (upp blue), 0.515 (pink --), 0.535